With the holiday season in full swing, there’s going to be a lot of opportunity for online fraud during e-commerce transactions.
“Merchants are so focused on growing as quickly as possible, that they forget to put the right fraud tool,” said James L. Melon, country manager of fraud prevention services company Vesta. “The need is [only] realized when they get exposed from fraud attacks. Merchants make up for this by selling more volume, but it’s like pouring more water into a leaky bucket.”reporter Patricia B. Mirasol about reputational risks and red flags that online merchants should watch out for.
Card testing, Mr. Melon said, is particularly tricky, as it can be done in one or more cards and can fly under the radar of merchants. A card testing attack occurs when fraudsters — having acquired partial or full card credentials — employ digital tools to submit authorization requests on e-commerce sites.“Increasingly, fraudsters are targeting digital wallets more now,” said Mr. Melon.Merchants risk their reputation as well as their revenue.
Source: Healthcare Press (healthcarepress.net)